The Senate version of the trillion dollar infrastructure bill contains a clause that seeks to expand the definition of “broker” in the tax code to cover “anyone who (for remuneration) is responsible for regularly providing any service. making digital asset transfers on behalf of another person.
According to a letter sent by Republican Representative Tom Emmer of Minnesota to other members of Congress, the current language of the bill would include key players in the crypto space, such as software developers or validators, who do not enter. within the scope of a defined “broker”. in the traditional financial field.
Bloomberg quotes an anonymous Treasury official who allegedly said that the agency iseeks to issue new guidelines that exempt crypto companies – including developers, miners, and hardware and software developers -om complying with the Internal Revenue Service (IRS) reporting requirements proposed in the draft law as long as they do not provide brokerage services.
The anonymous Treasury official said the guidance will be to focus on the activities of crypto firms to determine whether or not they qualify as brokers under the tax code.
The much-debated infrastructure bill is now making its way through Congress, and pro-crypto lawmakers are closing their arms in the fight against controversial crypto legislation. Congressman Darren Soto (D-FL) has said he expects his fellow representatives to support revisions to the crypto provision.
“The members are starting to pay attention. There is growing bipartisan support to ensure that this language is fair. “
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